Even as the U.S. government seems poised to end its 41-day shutdown, the lack of demand for spot Bitcoin exchange-traded funds (ETFs) has raised concerns about Bitcoin's prospects for the remainder of the year.
According to CBS News, on Monday, the U.S. Senate approved a funding plan, bringing Congress closer to ending the shutdown. The legislation has now entered the full House voting stage, which could take place as early as Wednesday.
Military Times reported that Senate Majority Leader John Thune expressed hope during a Senate meeting on Monday morning that the bill would be passed "in hours, not days."
Despite the positive news from the U.S., data from Farside Investors shows that spot Bitcoin ETF investments remained flat on Monday, recording only $1.2 million in net inflows.
Charles Edwards, founder of Capriole Investments, stated, "Even though the U.S. government shutdown seems to be coming to an end, the S&P and gold have rebounded significantly, but there were no new buyers for Bitcoin ETFs yesterday." He added that this situation is not what the market expects to continue.
He posted on the X platform: "Risk assets typically see strong buying in the weeks following the end of a government shutdown. There is still time to turn the situation around, but action must be taken to change it."
Geoff Kendrick, global head of digital asset research at Standard Chartered Bank, recently told Cointelegraph that inflows into spot Bitcoin ETFs are a major driver of Bitcoin's momentum heading into 2025.
According to a Cointelegraph report on October 28, BlackRock's fund is the only product among all ETF issuers to achieve net inflows year-to-date (YTD), with $28.1 billion in net inflows so far, while other issuers have seen a cumulative net outflow of $1.27 million.
While some investors are concerned about the end of the bull market cycle, analysts at Bitfinex believe this is a "mid-term consolidation phase" rather than a cascading sell-off.
"The current pullback shows a striking similarity to the structure observed in June 2024 and February 2025, which are two key turning points balancing Bitcoin between warming up and deeper contraction," the analysts told Cointelegraph, adding:
It is worth noting that even when Bitcoin drops to $100,000, about 72% of the supply remains profitable, which is considered a positive signal in the mid-term consolidation phase. However, Bitfinex analysts pointed out that a broader recovery still requires new demand and incremental funds from institutional and retail investors.
Data from Farside Investors indicates that looking at other crypto ETFs, the Ethereum (ETH) ETF also remained steady on Monday, while the Solana (SOL) ETF received $6.8 million in investments, marking its tenth consecutive day of positive net inflows.
Related: After a month of stagnation in the crypto market, the NFT and memecoin markets are beginning to warm up.
Original article: “Demand for Bitcoin (BTC) ETFs Stalls, Optimism from U.S. Government Shutdown Fails to Boost Market Sentiment”
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